On January 1, 2017, Swifty Company makes the two following acquisitions. 1. Purchases land having a fair value of $280,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $471,816. 2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $460,000 interest payable annually on January 1). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Swifty Company for the two purchases on January 1, 2017. (b) Record the interest at the end of the first year on both notes using the effective-interest method. Account Titles and Explanation Debit Credit No. Date (a) 1. January 1, 2017 2. January 1, 2017 (b) 1. December 31, 2017 2. December 31, 2017